Synthetic Rubber Market Size Expected to Reach USD 28.87 Billion by 2030, Growing at a CAGR of 4.77%

The Synthetic Rubber Market refers to the global production, trade, and application of synthetic rubber, a man-made elastomer produced from petrochemical feedstocks such as butadiene and styrene. the global synthetic rubber market is its extensive use in tire manufacturing for passenger and heavy-duty vehicles. Synthetic rubber is used for manufacturing low rolling resistance tires, which consume less energy, have lower fuel consumption, and reduce CO2 emissions. Moreover, the increasing adoption of these tires in electric vehicles (EVs) and the rising sales of EVs promote market growth. In addition to this, the use of synthetic rubber in the construction industry is another prime driver of the global market.

The synthetic rubber market is projected to reach USD 28.87 billion by 2030, growing at a CAGR of 4.77% from a valuation of USD 19.10 billion in 2022.

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Drivers

Strong Demand from Automotive Sector:

Synthetic rubber is a key raw material for tires, hoses, belts, and seals. Growing vehicle production and replacement tire demand sustain steady consumption.

Industrial & Consumer Goods Applications:

Extensive use in footwear, industrial goods, adhesives, and construction materials supports broad-based demand.

Performance Advantages:

Superior properties such as high abrasion resistance, durability, and elasticity make synthetic rubber preferable over natural rubber for many applications.

Technological Advancements:

Innovations in synthetic rubber grades, such as solution styrene-butadiene rubber (S-SBR) for high-performance tires, drive product diversification.

Leading Companies Operating in the Synthetic Rubber Market Are:

LANXESS (Germany), Kumho Petrochemical Co., Ltd (South Korea), LG Chem Ltd (South Korea), Sinopec (China), Versalis S.p.A. (Italy), TSRC Corporation (Taiwan), ZEON CORPORATION (Saudi Arabia), Group Dynasol (Europe), Kraton Corporation (US), JSR Corporation (Japan), PJSC Nizhnekamskneftekhim (Russia), SIBUR (Russia), The Goodyear Tire & Rubber Company (US), Trinseo (US), and PetroChina (China).

Restraints

Raw Material Price Volatility:

Synthetic rubber production depends heavily on petrochemical feedstocks like butadiene and styrene, making it vulnerable to oil price fluctuations.

Environmental Concerns:

Production processes involve significant energy use and emissions, attracting stricter environmental regulations globally.

Competition with Natural Rubber:

In certain applications, natural rubber remains a cost-effective alternative, limiting synthetic rubber growth where performance advantages are marginal.

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Detailed Segmentation Analysis of the Synthetic Rubber Market

By Type

• Styrene-Butadiene Rubber (SBR)
• Ethylene Propylene Diene Monomer (EPDM)
• Butyl Rubber
• Polyisoprene
• Others

By Application

• Construction
• Automotive & Transportation
• Medical
• Others

Opportunities

EV & Sustainable Mobility Trends:

Rising electric vehicle (EV) adoption and demand for fuel-efficient tires create opportunities for advanced synthetic rubber compounds with low rolling resistance.

Emerging Economies:

Rapid industrialization, infrastructure growth, and risingincome levels in Asia-Pacific and Latin America boost automotive and construction sectors, expanding demand.

Bio-based Alternatives:

Development of bio-based synthetic rubber and green production technologies aligns with sustainability goals and could open new market segments.

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Challenges

Regulatory Compliance:

Adhering to evolving environmental norms, especially in Europe and North America, adds pressure on producers to upgrade processes and reduce emissions.

Waste Management & Recycling:

Managing end-of-life tires and synthetic rubber waste is an ongoing challenge due to limited recycling infrastructure.

Global Competition:

The market is highly competitive, with large players and capacity expansions in Asia creating pricing pressures for manufacturers worldwide.

Table of Contents

SECTION I: EXECUTIVE SUMMARY AND KEY HIGHLIGHTS
EXECUTIVE SUMMARY
• Market Overview
• Key Findings
• Market Segmentation
• Competitive Landscape
• Challenges and Opportunities
• Future Outlook
SECTION II: SCOPING, METHODOLOGY AND MARKET STRUCTURE
SECTION III: QUALITATIVE ANALYSIS
SECTION IV: QUANTITATIVE ANALYSIS
SECTION V: COMPETITIVE ANALYSIS
LIST Of tables
LIST Of figures

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